Business
‘Cosmetics industry facing numerous issues due to import ban’
‘The government due to the current forex shortage has decided to temporarily suspend the import of non-essential items to the country on August 23. In the said list of items, the government has also included cosmetic products as a temporarily restricted item. While Sri Lanka’s forex problem is well understood it is important to note that the cost of import of cosmetics as per Sri Lanka Customs information does not exceed 0.1% of the total import bill for both 2021 and 2022, a Chamber of Cosmetics Industry press release said.
The release adds: ‘However, by contrast it should be noted that Sri Lanka has in excess of 30,000 salons and 15,000 cosmetics outlets that employ over 300,000 people out of which the majority are females. Further, the local cosmetics importers also employ close to 1000 persons in their respective organizations. The above ban has threatened the employment of a high percentage of hairdressers, beauticians, salon owners, traders, trade assistants, beauty advisors, make-up artistes as well numerous other people involved in the bridal industry and the indirect beneficiaries where most of them are breadwinners of families.
‘It should be noted that other than the employment generated the said imports contribute almost 90% of the total import value in the form of govt. taxes, cess, and other statutory payments to the Treasury and also at the point of registration of goods at the NMRA.
‘Besides there are many academies in Sri Lanka that are regulated and have a large number of students intending to travel abroad for employment, using international brands of cosmetic products for their training which help the student who eventually turns out to be a beautician and then employed in countries, such as, Australia and New Zealand mainly and also in the rest of the world. Working with specific brands of products is different from one to another and hence internationally this method is highly acceptable and needed when training as a student.
‘Further, there is a percentage of foreigners and expatriate Sri Lankans who travel to Sri Lanka to have their wedding and they too prefer to use international brands of cosmetics for the said purpose. This wedding industry is a growing business and has gradually started to earn forex.
‘The International brands of cosmetics imported into Sri Lanka also help develop the local hair and beauty industry by way of latest product developments as well techniques.
‘Due to the current temporary suspension, it is also evident that a large number of individuals are hand-carrying commercial quantities of cosmetics thus depriving the country of revenue that would have been earned through the proper channel of importation. This had also caused a black market to emerge in the industry.
‘With the Christmas and New Year season being around the corner and as importers need at least 60 days to import, i.e, lead time and shipping time included, the fervent appeal of all in the industry to the authorities is to lift the temporary suspension and allow these goods to be brought in. After all, considering the very small number of $ involved it’s not bound to hurt the foreign exchange requirement.’
Business
HNB Finance bags 2 CMA Reporting Awards 2025
HNB Finance PLC has been honoured with two prestigious accolades at the CMA Excellence in Integrated Reporting Awards 2025, reaffirming the company’s commitment to transparency, good governance, and integrated business performance.
At this year’s ceremony, HNB Finance PLC was awarded Second Runner Up – joint in the category of “Best Integrated Report , Finance and Leasing Sector”, and also received a Merit Award in recognition of its continued efforts to enhance reporting quality and strengthen stakeholder communication.
The CMA Excellence in Integrated Reporting Awards, organised annually by the Institute of Certified Management Accountants (CMA) of Sri Lanka, acknowledge organisations that demonstrate superior financial reporting standards aligned with global best practices. Winners are assessed on key criteria such as financial performance and strategic management, corporate governance and compliance, innovation and digital transformation, sustainability practices, and professional excellence.
Chaminda Prabhath, Managing Director/CEO of HNB Finance PLC, commented on the recognition, “These awards reaffirm our commitment to upholding the highest standards of integrated reporting and transparent financial disclosure. At HNB Finance, we remain focused on delivering sustainable long-term value through robust governance frameworks, prudent financial management, and continuous innovation. The acknowledgement by CMA Sri Lanka reflects the disciplined efforts of our teams across the organization and motivates us to further enhance our reporting quality, strengthen ESG integration, and reinforce our stakeholder centric approach.”
Business
ComBank joins ‘Liya Shakthi’ scheme to further empower women-led enterprises
The Commercial Bank of Ceylon has reaffirmed its long-standing commitment to advancing women’s empowerment and financial inclusion, by partnering with the National Credit Guarantee Institution Limited (NCGIL) as a Participating Shareholder Institution (PSI) in the newly introduced ‘Liya Shakthi’ credit guarantee scheme, designed to support women-led enterprises across Sri Lanka.
The operational launch of the scheme was marked by the handover of the first loan registration at Commercial Bank’s Head Office recently, symbolising a key step in broadening access to finance for women entrepreneurs.
Representing Commercial Bank at the event were Mithila Shyamini, Assistant General Manager – Personal Banking, Malika De Silva, Senior Manager – Development Credit Department, and Chathura Dilshan, Executive Officer of the Department. The National Credit Guarantee Institution was represented by Jude Fernando, Chief Executive Officer, and Eranjana Chandradasa, Manager-Guarantee Administration.
‘Liya Shakthi’ is a credit guarantee product introduced by the NCGIL to facilitate greater access to financing for women-led Micro, Small, and Medium Enterprises (MSMEs) that possess viable business models and sound repayment capacity but lack adequate collateral to secure traditional bank loans. Through NCGIL’s credit guarantee mechanism, Commercial Bank will be able to extend credit to a wider segment of women entrepreneurs, furthering its mission to drive inclusive economic growth.
Business
Prima Group Sri Lanka supports national flood relief efforts with over Rs. 300 Mn in dry rations
Prima Group Sri Lanka has pledged assistance valued at over Rs. 300 million, providing essential Prima food products to support communities affected by the recent floods across the island. This relief initiative is being coordinated through the Ministry of Defence to ensure the timely and effective distribution of aid to impacted families.
As part of this commitment, Prima Group Sri Lanka donated a significant stock of Prima dry rations to the Government of Sri Lanka on 30 November. The consignment will be distributed across multiple severely impacted districts. These supplies will support families facing disruptions to daily life, ensuring they receive assistance as recovery efforts continue.
The handover took place at the Ministry, where the donation was received by the Secretary of Defence, Air Vice Marshal (Retired) Sampath Thuyacontha. Representing Prima Group Sri Lanka, Sajith Gunaratne – General Manager of Ceylon Agro Industries Limited, and Sanjeeva Perera – General Manager of Ceylon Grain Elevators PLC, officially presented the donation.
Prima Group has been standing with the people of Sri Lanka for over 40 years, and this donation reflects its broader commitment to the nation during challenging times. As relief operations continue across the island, the company remains focused on helping families rebuild their lives and supporting the ongoing recovery process in collaboration with the Government Authorities.
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